Trust Wallet: $170,000 in crypto losses
Trust Wallet announced a refund of crypto losses, due to a $170,000 incident. The affected users had their team wallet addresses between 14 and 23 November 2022through a browser extension.
Trust Wallet and refunds for crypto addresses created between November 14 and 23, 2022
In a roundup of tweets, Binance’s official non-custodial multi-currency wallet, Trust Wallet, revealed two likely exploits that caused crypto losses amounts to $170,000 to its users.
Specifically, users who had created themr wallet addresses between 14 and 23 November 2022through browser extension, appears to have been exposed to a vulnerability. Not only that, the breach of this vulnerability led to two exploits and a total loss of $170,000.
Currently500 crypto addresses are still vulnerable and a total balance of $88,000 remains to be repaid.
Trust Wallet discovered the problem through its bug bounty program. A security researcher reported a WebAssembly vulnerability in the open source Wallet Core library in November 2022.
Trust Wallet and the solution to the $170,000 crypto incident
Continuing with the information posted on Twitter, Trust Wallet specified that delay in this communication was to prevent other immediate attacks.
That is why it is believed the crypto incident is now corrected. Affected users were told by Binance Wallet to do so immediately move funds received as a refund to a new Trust Wallet address to be created.
Not only that, the company said it has been aggressively sending 1-1 notifications to hacked addresses in recent months, resulting in significant remittances to secure and extended addresses.
However, the two disclosed exploits cannot both be attributed to wallet addresses created between November 14 and 23, 2022. In fact, it is likely that other exploits were found in late December 2022 and late March 2023.
Support for 4.5 million assets, including NFTs
Binance’s crypto wallet currently supports 65 blockchains such as Bitcoin, Ethereum, Tron and Ripple and have 4.5 million assets, including dApps and NFTs.
Also, Trust Wallet is a non-custodial wallet, meaning it allows users to own and control private keys to access their personal funds. For now it is 10 million active users on the platform.
The ladder by Trust Wallet for Bitcoin custody just happened in the period after the collapse of FTX’s crypto exchange.
Perhaps a coincidence, but it was still November 2022. During that period, Changpeng CZ Zhao also jumped on Twitter several times to promote Trust Wallet.
Not only that, even the wallet, TWT apparently experienced a price increase these days, from $1.1 to $2.2 in 24 hours, and $2.3 the next day. Something that has not held up over time. In fact, at the time of writing, TWT is worth $1.19.
